The support and resistance are holding tight on the 30mins time frame forming a rectangle bottom.
price trends downward leading to the chart pattern.
Prices have flat tops and flat bottoms, crossing the pattern from side to side following two parallel trendlines. Two horizontal trendlines bound price action. Price should touch one trendline at least three time and the other trendline twice (5-touch minimum) using distinct peaks and valleys. breakout upward 59% of the time. A break above the resistance will test the next resistance at $3475.
If price breaks the 1st support level, price will likely test the next support at $3435( a long position should be taken and moved back up to $3475.
Buy at the bottom trendline and sell at the top one, then reverse the trade.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
price trends downward leading to the chart pattern.
Prices have flat tops and flat bottoms, crossing the pattern from side to side following two parallel trendlines. Two horizontal trendlines bound price action. Price should touch one trendline at least three time and the other trendline twice (5-touch minimum) using distinct peaks and valleys. breakout upward 59% of the time. A break above the resistance will test the next resistance at $3475.
If price breaks the 1st support level, price will likely test the next support at $3435( a long position should be taken and moved back up to $3475.
Buy at the bottom trendline and sell at the top one, then reverse the trade.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.